EURAUD Short Term Elliott Wave: More Downside After 3 Waves Bounce

Short Term Elliott Wave cycles suggests that decline to 1.418 ended wave W
and bounce to 1.4885 ended wave X. Decline from there is unfolding as a zigzag
where wave (a) is in progress as 5 waves and a marginal low is expected to
end wave (a) before cycle from 1.4885 ends. Afterwards, expect a wave (b) bounce
in 3, 7, or 11 swing to correct cycle from 1.4885 high before pair resumes
lower again. We don't like buying the proposed bounce and expect bounces to
find sellers in 3, 7, or 11 swing, provided that pivot at 1.4885 high remains
intact.

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